Please note This is a translated, unaudited summary of the annual report. For the complete audited report, please refer to the Swedish version Annual report 2011 Trustbuddy International AB (publ.) TrustBuddy International AB – Annual report 2011, unaudited English version 1 Contents AGM Summary of 20113 The AGM of TrustBuddy International AB will be held on Tuesday, June 26, 2012 at 13:00. CEO´s comments4 Location: Law firm DLA Nordic KB, Kungsgatan 9, Stockholm Short about TrustBuddy, Market overview Registration 5 Ownership structure, share structure and share performance in 2011 6 Board and management 7 Directors’ Report8-10 Group Result from group11 Balance group 12 Cash flow from group 13 Annual report distribution policy 14 Shareholders wishing to attend the AGM must be entered in the register kept by Euroclear Sweden AB share register as of Tuesday 19 June 2012, and give notice of attendance to the Company at the address TrustBuddy International AB (publ), Östermalmstorg 1, 114 42 STOCKHOLM, by telephone + 46 8562596 00 or by e-mail:[email protected], no later then Thursday, 21 June 2012, preferably before 16.00. The notification shall state name, social security number, address and telephone number and number of shares. Shareholders who cannot personally attend the Meeting may appoint one or more agents. Shareholders shall then issue a written, dated and signed authorization for the representative. If more than one representative are appointed, the respective power of attorney also indicate what proportion of shares the agent represents. The power of attorney shall be brought to the meeting. Representing a legal person shall also bring with them proof of registration or equivalent document showing relevant signatory. Shares registered with nominees Shareholders with nominee-registered shares must temporarily register their shares in their own name in the share register kept by Euroclear Sweden AB to be entitled to attend the meeting. This procedure should be requested from the trustee in advance of Tuesday 19 June 2012, registration must be completed by that date. Dates for financial information 2012 Annual General Meeting 2012 2012-06-26 Interim report Q1 - 2012 2012-05-31 Interim report Q2 - 2012 2012-08-30 Interim report Q3 - 2012 2012-11-29 All reports are available after publishing on the website: http://www.trustbuddyinternational.com For additional information, please contact: E-mail: [email protected] Internet: http://trustbuddy.com/ http://trustbuddyinternational.com/ TrustBuddy International AB – Annual report 2011, unaudited English version 2 Summary of 2011 Initial information TrustBuddy took over 360Holding AB June 30, 2011 through a reverse acquisition. After taking over 360 Holding AB changed its name to TrustBuddy International AB and now owns TrustBuddy AB to 100 percent. The acquisition closed down all the activities previously conducted at 360 Holding AB. Comparative figures for 2010 and earlier are related to the operation of the previous activity in 360 Holding AB. »» Net revenues amounted to SEK 6.3 (10.5) million. »» Operating result was SEK -5.8 (-14.7) million. »» Net income after tax was SEK -5.9 (-14.4) million »» Cash flow from operating activities after changes in working capital amounted to SEK -9.8 (7.1) million. »» The Board proposes no dividend for 2011 KEY FIGURES Group 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 Net revenue, KSEK Result after financial items, KSEK Balance sheet total, KSEK Solidity, % ROI / Return on investment 6 268 -5 853 98 967 92 Neg 10 506 -14 784 20 681 26 Neg 10 738 -2 534 23 348 78 3,4 6 390 -4 412 17 495 57 Neg 1 813 -40 313 10 957 44 Neg Parent company Net revenue, KSEK Result after financial items, KSEK Balance sheet total, KSEK Solidity, % ROI / Return on investment 12/31/2011 81 -16 150 97 200 98 Neg 12/31/2010 2 207 -4 958 26 846 63 Neg 12/31/2009 950 185 23 537 93 Neg 12/31/2008 19 -2 677 14 501 79 Neg 12/31/2007 20 -39 833 6 011 65 Neg * 2010 and previous years concerns 360 Holding AB DEFINITIONS of KEY FIGURES Solidity Equtiy as a percentage of total assets ROI / Return on investment Net income, as a percentage of average shareholders’ equtiy. TrustBuddy International AB – Annual report 2011, unaudited English version 3 CEO’s comments Initial information Trust Buddy is a social lending platform, based on its proprietary and self-run web-based software. The company’s portfolio is the issue of small, short-term loans, by their own P2P (Peer to Peer) lending platform to qualified borrowers. The loans are funded by third party capital invested by clients. The group behind the brand Trust Buddy, consisting of TrustBuddy International AB (OMX: TBDY) and its wholly owned subsidiary TrustBuddy AB (Sweden) and previous names including ”Basiq Networks” (2006) and ”360 Holding”(2011). Operational markets in 2011 include Norway, Sweden and Slovenia. The company has also used the resources for planning the company’s international expansion in the coming years. TrustBuddy took over 360Holding AB June 30, 2011 through a reverse acquisition. After taking over 360 Holding AB changed its name to TrustBuddy International AB and now owns TrustBuddy AB to 100 percent. The acquisition closed down all the activities previously conducted at 360 Holding AB. Comparative figures for 2010 and earlier are related to the operation of the previous activity in 360 Holding AB. 2011 was a year dedicated to the listing process, development and testing of the platform and focus on future development and operational strategies for growth. The main focus has been to adopt, and implement long-term strategies and activities to strengthen the TrustBuddy brand and the financial status. The efforts have resulted in a Company that is well prepared for an international presence and expansion in the coming years, while the local alignment for each market is maintained. In 2011, TrustBuddy has successfully built and maintained an image as the friendly ”Buddy lending” company. This is confirmed by a positive camaraderie among TrustBuddy´s members and customers. A key focus area for TrustBuddy has been the custom web-based software solutions where resources have been invested in 2011. The result is a solid platform that is proven to be very stable, and at the same time scalable. The system scalability is essential for TrustBuddy as a leading player in the P2P lending market that is showing significant growth, both locally and globally In 2011, two private placements were completed in TrustBuddy. The first was held before the ”reversed merger” which was conducted by 360 Holding AB, and the second was conducted in autumn in order to achieve a greater spread of ownership in accordance with the listing requirements of NASDAQ OMX (the spread of ownership declined as a result of the ”reversed merger” that took place). Both activities have resulted in an increased spread of the shares of TrustBuddy, where the single largest owner now controls about 27%. If you have been a shareholder in 360 Holding for a long time, I hope you have found the transition to ownership in TrustBuddy to be a positive experience. It is my hope we gain your trust to take care of your investment in the future. I would like to welcome our new shareholders and I am looking forward to an interesting and profitable journey together. We continue to work with our long-term goals and our strong belief that positive results will form the basis of a growing interest not only for our company but also for investing in the TrustBuddy share. In 2011, the total amount of loans disbursed by TrustBuddy amounted to SEK 52.5 million, a figure that is expected to exceed SEK 200 million in 2012. The results of the primary operating company in the group, TrustBuddy AB, is reflecting the strong growth that is expected to continue the coming year. Jens Glasø CEO, TrustBuddy International AB (publ) Telephone: E-mail: Internet: +47 40 40 47 50 [email protected] http://trustbuddy.com/ http://trustbuddyinternational.com/ TrustBuddy International AB – Annual report 2011, unaudited English version 4 Short about TrustBuddy Market overview TrustBuddy is a credit intermediary in the market for short-term financing. The company offers individuals to borrow and lend money among each other, so-called Peer-to-peer lending or P2P. TrustBuddy is Scandinavia’s first and largest P2P operator, operating in markets in Sweden, Norway, Denmark and Finland. The market for short-term financing in recent years has grown substantially and is now a more mature market with a number of serious players. TrustBuddy has quickly established a strong position and is currently in a leading position in the segment and is among the major players in Norway and Sweden. The business is primarily conducted through TrustBuddys proprietary website, in which all customers become members by registering an account, and specify whether they want to borrow or lend money. The loan agreements are established between private citizens, while all administration concerning the loans managed by TrustBuddy. TrustBuddy see no evidence to suggest that the market is saturated, but leaves plenty of room for continued growth in existing offering and new product and serviceofferings. A member of TrustBuddy offers a safe and easy way to both borrow and lend money to the clearly defined costs and benefits. Those members who register must, as a safeguard for all parties, verify their identity by BankID and then register and activate their account. In connection with the registration, and operating in regular time intervals, control is performed by the member to verify and ensure creditworthiness. The security measures are required to get the safest service possible for both lenders and borrowers. Today there are no competitors using a similar IT-based, Peerto-Peer, P2P platform, indicating that in the foreseeable future there are no serious threats that could disrupt the Company’s market position. The market is clearly signaling a continued strong growth and demand for all of TrustBuddys geographic markets, Sweden, Norway, Denmark and Finland. Saving in a TrustBuddy account s as easy as in a bank and a loan application is both secure and easy. Operations are conducted through its subsidiary TrustBuddy AB org. No. 556794-5083 from office in Stockholm. The group’s parent TrustBuddy International (publ), reg. No. 556510-9583, which is listed on NASDAQ OMX First North. TrustBuddy International AB – Annual report 2011, unaudited English version 5 Ownership structure, share structure and share performance in 2011 Shares and share capital TrustBuddy has by the end of December 2011, 262 738 903 shares representing a share capital of SEK 10,312,462. The quota value is SEK 0.04. Each share carries one vote at a meeting of shareholders and all shares have equal rights to dividends and surplus on liquidation. During the year the following events occurred: At the end of 2011 there are no agreements that restrict the transfer of shares. Number of shares Event Share Capital, SEK Changes in shares Total Change Total Quota value, SEK Offset share issue 566 038 12 213 101 283 019 6 106 551 0,5 Offset share issue 525 802 12 738 903 262 901 6 369 452 0,5 - 12 738 903 -5 869 452 500 000 0,04 250 000 000 262 738 903 9 812 462 10 312 462 0,04 Percentage Number of shares 27,78% 73 006 924 22,13% 58 157 393 11,74% 30 853 827 9,73% 25 587 773 8,77% 23 050 431 19,85% 52 082 555 Reduction of share capital Offset share issue outstanding options No outstanding options by 2011-12-31. Listing and course development Shareholder JAC Invest AS First trading day of the year, stock price was SEK 0.58, at the last Nye Cisk AS trading day, closing price was SEK 0.43. The market value was at Cryptononymous AS year end SEK 113 (5.5) million. The share price per 2011-06-30 SEK 0.40. Rugl AS Fibitrust AS Ownership TrustBuddy had 420 shareholders as of 31 December 2011. The table to the right shows the company’s five largest shareholders by 31 December 2011. Resterande aktieägare Dividend Policy For fiscal 2011, the Board proposes that no dividend be provided. TrustBuddy International AB – Annual report 2011, unaudited English version 6 262 738 903 Board of Directors Mr. Eivind Jørundland, Chairman of the Board Mr. Trond R. Ramslie, Board member Born: 1960 Born: 1973 (MBA) has an extensive career spanning management positions in the finance industry and in government agencies. He career started up with eight years as a manager in the Norwegian Competition Authority and one year as a national expert in the EFTA Surveillance Authority (Brussels). Later, he has spent 13 years developing and leadingbusinesses in the financial sector and participated in the establishment of Acta (Investment funds and other financial services)offices in Kristiansand. He was a significant player in the development of Fund management company Optimum ASA for seven years, leading thecompany through the Norwegian Finance Authority licensing process (MIFID). He is currently workingas CEO at Moementum AS, alongside being an active part of the TrustBuddy board. Mr. Ramslie has 18 years experience from the printing- and advertising business. He worked as a teamleader at Bryne Offset AS before he entered advertising with Domene Fem AS in 2003. There he worked as a production manager for three years before he started working for Adsign Advertising AS in 2006. He immediately became a part of the management group, and is now the CEO. Mr. Ramslie is currently also on the board of Adsign Advertising AS and Cryptononymous AS. Share holding: 9 316 232 (private and through company) Mr Skuland has more than 10 years experience from the finance sector, both as a consultant and manager. He has 13 years experience within the IT business as a project leader with responsibility of implementing MRO systems for customers, consultant tasks and the last five years as sales manager. Recently Mr. Skuland is responsible for managing properties in Lærdal Holding AS. Mr. Rune Glasø, Board member Born: 1962 Educated at the Norwegian School of Hotel Management and has been managing Norwegian hotels Dr Holms Hotel, Reso Caledonien Hotel and the company Scandinavian Servicepartner. He is a competent project manager and has been working with internal organizational processes. Mr. R. Glasø has also worked in the borderline between sports and businesses for several years. He is currently using his knowledge towards companies in order to increase the experienced value in the use of internal and external meeting places. Rune has worked as a project manager for the Varner Group, Terra Real Estate, AktivReal Estate, Alliance Boots, the Rimi groceries retail chain and the bank Sparebanken Vest. When not working for the TrustBuddy boardof directors, he focuses on national and international retail companies. Share holding: 25 662 773 (private and through company) Mr. Linus L. Lönnroth, Board member Share holding: 30 853 827 (private and through company) Mr. Alf Erik Skuland, Board member Born: 1961 Share holding: 33 050 431 (private and through company) Mr. Jens Glasø, Board member and CEO Born: 1971 Mr. Glasø has founded several technology companies, and has worked many years in the financial sector. He has been a stock broker, trader and advisor for SMEs, and wealthy individuals. In 2005 he was hired as Executive Vice President for Optimum ASA and was head of the offices in Kristiansand and Brussels. While he was working for Optimum the company experienced a significant increase in revenues and the increased its managed capital with 2 billion NOK. He commenced as CEO for TrustBuddy AB November 2009. Share holding: 73 006 924 (private and through company) Born: 1970 14 years experience from the financial sector, including being an executive vice president for 8 years at the Oslo Stock Exchange until 2006. From here he went to Optimum (Fund managers) as an Executive Vice President with responsibility for the Swedish market, where he was until 2009. Lately, Mr. Lönnroth has been working as General Manager withLoft investments, as well as being on the board of (amongst others) TrustBuddy. Jens Glasø, CEO Share holding: 1 101 804 (private and through company) Mr. Bård Bjerkås, CFO Management Since 2009, Born 1971 See above; Board Born: 1971 Mr. Bjerkås has a degree in Law from the University of Law in Oslo, Norway, and is the legal expert in TrustBuddy. He has also experience in the finance sector, having worked as a financial advisor in Norwegian giant Storebrand, and with real estate investments for many years. Mr. Bjerkås is no stranger to the world of mobile applications either, having worked extensively mobile applications and co-founded several of the companies in the sector. Mr. Bjerkås is the key legal aide in TrustBuddy, closely monitoring legislative changes and the local cicumstances in the countries where the TrustBuddy JV’s operate and applying updates and changes to comply with any and all regulations applicable. Share holding: 6 592 565 (private and through company) TrustBuddy International AB – Annual report 2011, unaudited English version 7 Directors’ Report The Board and CEO for TrustBuddy International AB (publ), corporate 556510-9583, hereby submit the Annual report for the financial year 2011. Events after year-end TrustBuddy International AB operates in the limited liability company, having its registered office in Stockholm, Stockholm County. Market Outlook introductory remarks TrustBuddy took over 360Holding AB June 30, 2011 through a reverse acquisition. After taking over 360 Holding AB changed its name to TrustBuddy International AB and now owns TrustBuddy AB to 100 percent. The acquisition closed down all the activities previously conducted at 360 Holding AB. Comparative figures for 2010 and earlier are related to the operation of the previous activity in 360 Holding AB. Operations TrustBuddy International AB (publ.), a publicly traded company listed on NASDAQ OMX First North. TrustBuddy as a group is an online business/community where members can meet to borrow money from, or lend money to each other. TrustBuddy specializes in facilitating and improving everyday life for you as a borrower or lender. All Swedish citizens aged 18 and over are welcome to join as a member in the TrustBuddy community. The whole concept is based on fast transactions between members in a safe and secure manner. We know that many of us can get into a situation where we urgently need SEK 500 - 5000, but that there is no founds in the account. TrustBuddy utilize a simple way to solve that problem and also give other members the opportunity to earn some extra on their savings. All borrowers must agree to a credit check being done to reduce risks for lenders. Lenders are secured in the way that the amount lent is spread out to many different lenders. TrustBuddy cooperates with a collection partner for secure payment from each borrower. Significant events during the financial year 2011-12-16 Trust Buddy notifies changed structure of ownership 2011-11-18 Presentation of the new interest rate model for lenders 2011-09-21 Mangold appointed new Certified Adviser 2011-07-04 Trust Buddy conducting directed new share issue 2011-07-01 Communiqué from the Annual General Meeting No significant events to report. TrustBuddy is a market leader in P2P, Peer-to-Peer, lending in the Nordic region and has since established a strong position in the Swedish and Norwegian market for short-term financing. During the first quarter of 2012, TrustBuddy established operations in Denmark and Finland and we anticipate continued growth in all active markets. TrustBuddy’s assessment is that the Nordic market for P2P lending will continue to grow in coming years. Internationally there are a few major players in the P2P lending, witch all predicts continued growth, and are reporting a monthly increase in loans outstanding at 10 - 15 percent. This indicates a young industry with strong growth. TrustBuddy differentiates itself from all competitors on the active market by offering short-term loans via a P2P platform. TrustBuddy’s concept has proven successful and has created a strong and trusted brand and a large base of loyal customers. In 2012, TrustBuddy will gain further market share and strengthen its position as a leader for short-term financing in the active markets and will remain the only P2P operator in the Nordic region. Focus will also be on expanding outside the Nordic market by establishing operations in Germany. Group relationship Operations are conducted through its subsidiary TrustBuddy AB org. No. 556794-5083 from office in Stockholm. The group’s parent is TrustBuddy International (publ), reg. No. 556510-9583. Ownership TrustBuddy has as of December 31, 262 738 903 (11 647 063) shares, equivalent to a share capital of SEK 10 312 462 (5 823 532). The quota value is SEK 0.04 (0.5). The number of shareholders at year-end was 420. The five largest shareholders are representing together 80% of the outstanding shares. See separate section; Ownership structure, share structure and share development in 2011. Sales, earnings and cash flow Consolidated revenues for the period amounted to SEK 6.3 (10.5) million. Operating profit was SEK -5.8 (-14.7) million. Net profit after tax was SEK -5.9 (-14.4) million. Average earnings per share were negative both before and after dilution. Earnings per share at the end of the period was negative. Full details are available on the Company website www.trustbuddyinternational.com under ”Press Releases” TrustBuddy International AB – Annual report 2011, unaudited English version 8 Directors’ Report Financial position and cash flows Number of employees Cash flow for the period from continuing operations totalled after changes in working capital SEK -9.8 (7.1) million. Cash and cash equivalents amounted to SEK 2.0 (0.4) million. The average number of employees in the Group at end of period 1 (3). The company has equity capital of SEK 91.0 (5.4) million, and an solidity ratio of 92 (26) percent, which means that the company has a strong financial position. The company is self funded and has no interest bearing debt on the closing date. Parent company Trust Buddy engaged in development of the acquired software for managing the database. Capitalized development costs amount to SEK 1.0 million. Emissions and share capital In the first quarter, the equity was increased by 0.5 million through a private placement of 1 091 840 million shares, with quota value of SEK 0.5 per share as determined by the Board 2010-1029, and registered at Bolagsverket (the Companies Registration Office) 2011-02-22. During the third quarter, a reduction of share capital without withdrawal of shares was performed. The Reduction purposes are provisions to a fund to be used according to decision by the AGM The share capital after the change amounted to SEK 500 000. This is in accordance with the resolution at the AGM 2011-06-30. In addition to reduction of share capital, the Company, pursuant to decisions of the AGM 2011-06-30, an offset share issue of 250 million shares. The share capital after the change was SEK 262 738 903. In December 31, 2011, TrustBuddy International holds 262 738 903 shares (11 647 063). The quota value is SEK 0.04 (0.5). Each share carries one vote at the meeting of shareholders and all shares have equal rights to dividends and surplus on liquidation. In the Parent Company’s there are joint Group functions such as consolidation, business development and management of the Group’s information flow. The parent company net sales amounted to SEK 0.1 (0.5) million. Profit after financial items amounted to SEK-0.9 (-5.4) million. Shareholders’ equity amounted to SEK 91.3 (16.9) million, representing an equity ratio of 94 (63) percent. Guidelines for remuneration to the CEO and other senior executives A management company employs the senior executives. The receiving company is invoiced a management fee. The same principle will be used for 2012. The Group has in the delivery of this report no on going incentive programs. Corporate Governance TrustBuddy International AB is a Swedish public company based in Stockholm. The governance of the Group includes the Articles of Association, the Swedish Companies Act, the First North’s regulations and other applicable laws and regulations. The Board of Directors TrustBuddy Board of Directors in 2011, have had 8 meetings. Important issues that have been addressed, besides approving the annual and interim reports, establishing business plan with associated budget, are the following questions: »» Concerning new share issue and other funding issues Financial Risk Management »» Establishments and new markets The Company is self-funded and has no interest bearing debt on the closing date. Environment Since the Company has little exposure to foreign currency, the main financial risk is credit to the lenders. All borrowers must agree to a credit check is being conducted to reduce risks for lenders. Lenders are secured in the way that the amount lent is spread out to many different lenders. TrustBuddy cooperates with a collection partner for secure payment from each borrower. With regard to liquidity and capital structure, the Board receive monthly updates to ensure that the set goal for solvency is in compliance and to ensure that liquidity is satisfactory. Stock and stock market related risks Current and potential investors in TrustBuddy should note that an investment in TrustBuddy is associated with risk and that there is no assurance that the share price will perform well. As shown in the presentation in this section the share price depends on a number of factors beyond the Company’s business, which the Company is unable to influence. Although TrustBuddy’s business thrives, there is the possibility that the development of the Company’s shares is negative. TrustBuddy monitors the environmental regulatory where business is conducted to ensure that all applicable and relevant regulations are complied with, and to promote the continuous reduction of the company´s environmental footprint. All activities undertaken under by TrustBuddy should be characterized by caring about the environment, and restraint the use of non-renewable energy sources. As far as possible, the company send material for recycling. Restraint should be exercised when the company and its staff uses various types of energy or other environmentally sensitive resources. Research and Development TrustBuddy is engaged in development of the acquired software that manages the database. Capitalized development costs amount to SEK 1.0 million. TrustBuddy International AB – Annual report 2011, unaudited English version 9 Directors’ Report Prospects The market for P2P loans in recent years been is in a major expansion phase and prospects for the future indicates a growing market. TrustBuddy is a market leader in P2P loans in the Nordic region and has since year-end 2011/2012 expanded its presence to Denmark and Finland, in addition to Sweden and Norway, and predicts a continued growth in all active markets. TrustBuddy’s intentions are to continue the international expansion and add new markets in 2012, including Germany. The Board believes therefore that the prospects for 2012 are very good. TrustBuddy intends to quadruple the level of lending in the coming year, which we think is very gratifying. Proposed allocation of retained earnings The Board and CEO of TrustBuddy International AB (publ) proposes that the retained earnings of SEK 71 012 218 is carried forward. As for the Group and Parent Company results and financial position, please refer to the income statement and balance sheet, statement of shareholders’ equity and cash flow statements and associated notes. TrustBuddy International AB – Annual report 2011, unaudited English version 10 Result from group 2011 Amount in KSEK Net revenue 6 268 Other income 66 6 334 Operating costs Other external costs Staff cost Depreciation and impairment of tangible and intangible cost Other operating costs Total operating costs Operating profit/loss -6 299 -343 -5 342 -141 -12 125 -5 791 Result from financial investments Result from share group Other interest receivable and similiar incomes Interest payable and similar charges Total result from financial investment -116 54 -62 Result after financial items -5 853 Tax Result of the period -5 853 TrustBuddy International AB – Annual report 2011, unaudited English version 11 Balance group 12/31/2011 Amounts in KSEK ASSETS Fixed Assets Intangible Assets Balanced expenses research and dev. Goodwill 3 294 84 610 Financial Assets Deffered Tax receivables Total Fixed Assets 3 009 90 913 Currents Assets Short-term receivables Other current receivables Prepayment and accrued income Cash and cash equivalents Total current assets Total assets 2 501 3 598 6 099 1 955 8 054 98 967 Balance, continues 12/31/2011 Amounts in KSEK Eget kapital Restricted equity Share capital 10 312 10 312 Non-restricted equity None-restricted equity 86 501 Net profit for the period Total equtiy -5 853 90 960 Short-term liabilities Accounts payable to suppliers Other current liabilities 1 106 5 711 Accruals and deffered income Total equity and liabilities 1 190 98 967 Pledged assets Contingent liabilities 300 Inga TrustBuddy International AB – Annual report 2011, unaudited English version 12 Cash flow from group 2011 Amount in KSEK Operating activities Operating profit before financial items Adjustment for items not included in the result Received interest -5 791 8 667 54 Paid interest 2 930 Increase/decrease in current receivables -5 021 Increase/decrease in current liabilities Cash flow from operating activities -7 750 -9 841 Investing activities Changes in long-term receivables Capitalized expenditure Cash flow from investing activities 7 548 -1 016 6 532 Financial activities Shareholder comtribution Cash flow from financial activities 4 405 4 405 Cash flow for the period Exchange difference in cash equivalents 1 096 443 Cash and cash equivalents, beginning of period Cash and cash equivalents, beginning end of period 416 1 955 TrustBuddy International AB – Annual report 2011, unaudited English version 13 Distribution policy – Annual report 2011 TrustBuddy’s annual report is provided as a document in PDF format on the company website, http://trustbuddyinternational.se. The annual report is provided as a complete audited document in the Swedish language, and a summarized, unaudited version, provided in English. This document is designed for readability online and regular printing. Årsredovisning Trustbuddy Intern 2011 ational AB (pub TrustBuddy Inte rnational AB – 1 Årsredovisning 2011 Trustbuddy_2011_ ver3 l.) TrustBuddy International AB – Annual report 2011, unaudited English version 14 TrustBuddy International AB Östermalmstorg 1, 114 42 STOCKHOLM Phone: +46 8-562 596 00 http://trustbuddyinternational.com e-mail: [email protected]